ATS Automation Finalizes Sale of Precision Components Group |
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ATS Automation
730 Fountain St. North
Cambridge, ON, N3H4R7
Canada
Press release date: January 7, 2009
CAMBRIDGE, ON, Jan. 7, 2009 - ATS Automation Tooling Systems Inc. ("ATS") has finalized the previously announced sale of the key operating assets and liabilities of Precision Components Group ("PCG").
The purchaser satisfied a portion of the purchase price by issuing promissory notes to ATS and the balance was paid in cash. PCG employs approximately 300 people at three facilities, two of which are located in Canada and one in China. The transfer of PCG's Chinese operations remains subject to receipt of approvals from the Chinese government, which are expected in the first quarter of calendar 2009. Pending receipt, a portion of the total purchase price allocated to the Chinese operations is being held in escrow.
"The divestiture of PCG, to a group led by PCG management, is consistent with our stated strategy and allows ATS to continue to focus on strategic operations," said Anthony Caputo, Chief Executive Officer. "We believe this transaction is in the best interests of all ATS employees and shareholders."
About ATS ATS Automation Tooling Systems Inc. provides innovative, custom designed, built and installed manufacturing solutions to many of the world's most successful companies. Founded in 1978, ATS uses its industry-leading knowledge and global capabilities to serve the sophisticated automation systems' needs of multinational customers in industries such as healthcare, computer/electronics, energy, automotive and consumer products. It also leverages its many years of experience and skills to fulfill the specialized automation product manufacturing requirements of customers. Through Photowatt Technologies, ATS participates in the growing solar energy industry as an integrated manufacturer of ingots, wafers, cells and modules.
Photowatt-branded products and systems serve businesses, institutions and homeowners in established and emerging markets. ATS employs approximately 3,100 people at 18 manufacturing facilities in Canada, the United States, Europe, Southeast Asia and China. The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA. Visit the Company's website at www.atsautomation.com.
For further information: Maria Perrella, Chief Financial Officer, Carl Galloway, Vice-President and Treasurer, (519) 653-6500
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